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To: TFF who wrote (7737)	10/20/1999 5:46:00 PM
From: TFF	Respond to of 12617

REDI After-Hours Trading at NDB.com and ECN Participation for Sherwood Securities NEW YORK, Oct. 20 /PRNewswire/ -- Addressing the Annual Meeting of Shareholders, National Discount Brokers Group, Inc. President and CEO Arthur Kontos announced that the Company has signed a non-binding letter of intent with REDIBook ECN to provide after-hours trading for customers of National Discount Brokers/NDB.com and provide Sherwood Securities with access to the REDIBook order flow. The letter of intent would make the Company a member of the REDIBook consortium and will allow NDB.com to offer extended trading hours. "The agreement with REDIBook adds another dimension to our award-winning website and further demonstrates our commitment to providing the best combination of service, products and price among online brokers," said Mr. Kontos. "The REDIBook consortium, which includes a number of other leading Wall Street names, will provide NDB.com's customers with access to significant liquidity for after-hours trading and Sherwood Securities with access to this ECN." Management highlighted several initiatives which are slated for completion in 2000, including an increase in the trading room at Sherwood Securities, the buildout of 90 Hudson Street in Jersey City as the new headquarters and data center for NDB.com, the commencement of self-clearing for NDB.com and Sherwood Securities and the continuation of NDB.com's multi-media advertising campaign. Sherwood is expanding its facilities, adding 70 positions to facilitate the market making business and increasing its market making activities to include over 4,200 Nasdaq and other OTC securities. This enlarged trading facility will permit Sherwood to handle a greater volume of trades and make markets in a wider variety of securities. The commencement of self clearing for NDB.com and Sherwood Securities permits these two entities greater control of their operations, offers up additional profit opportunities for transactions initiated through NDB.com and management believes, in the longer term, would reduce per ticket clearing costs. The opening of NDB.com's offices and data center at 90 Hudson Street will provide NDB.com with state of the art facilities to better serve its customers. The office space includes a newly designed data room with enhanced operating capabilities. NDB.com will continue its multi-media campaign to build brand recognition for its online retail brokerages services. This campaign will be supported by expanded selling efforts, by a dedicated sales force and the focus on affinity relationships. The Company noted that it had achieved the objectives of selling Equitrade Partners, LLC, a New York Stock Exchange Specialist and issuing 2,990,000 shares of its Common Stock in a public offering. The resultant cash generated by these activities will fund the initiates set for year 2000. Shareholders approved all management proposals at the annual meeting. Headquartered in Jersey City, New Jersey, National Discount Brokers Group, Inc. (NYSE: NDB) is the parent company of two financial services entities: National Discount Brokers/NDB.com and Sherwood Securities Corp. Combined, the two entities processed approximately 2.8 million transactions during the fiscal quarter ended August 31, 1999. The Company and its subsidiaries have offices in Jersey City, New York, Los Angeles, San Francisco, Chicago, Denver and Boston. Customers can access National Discount Brokers at ndb.com; via the PowerBroker automated touch-tone telephone system (800-631-8884) or by calling 800-4-1-PRICE. Statements made in this press release constitute forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties. These forward-looking statements generally are accompanied by words such as "intend", "anticipate", "believe", "estimate", "expect", "should" or similar expressions. It should be understood that these forward-looking statements are subject to a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. SOURCE National Discount Brokers Group, Inc. -0- 10/20/1999 /CONTACT: Rich Tauberman of The MWW Group, Public Relations, 201-507-9500, rtauberm@mww.com, for National Discount Brokers Group/ /Web site: ndb.com (NDB) CO: National Discount Brokers Group, Inc.; REDIBook ECN ST: New York

To: TFF who wrote (7737)	10/20/1999 5:49:00 PM
From: TFF	Read Replies (1) \| Respond to of 12617

MORGAN STANLEY DEAN WITTER COMBINES ONLINE AND FULL SERVICE Businesses in Innovative Service Platform for Individual Investors Called ichoice ichoice to Debut Tomorrow as Industry's First Active Platform Offering Investors a Full Range of Options for their Financial Relationship NEW YORK, Oct. 20 /PRNewswire/ -- Morgan Stanley Dean Witter & Co. (NYSE: MWD) today announced the launch of ichoice, an innovative service platform that enables individual investors to choose simply and conveniently the financial relationship that best meets their needs. ichoice unites the products and services offered by Morgan Stanley Dean Witter's individual securities business, the Private Client Group, with the pioneering technology and capabilities of the Company's online business, Discover Brokerage Direct. As of tomorrow (October 21), Discover Brokerage will be renamed Morgan Stanley Dean Witter Online Inc., and its online services will be available to investors through an integrated Web site, www.msdw.com. With one click of a mouse, investors have the choice of self-directed investing online or a traditional, full-service advice channel with the flexibility to trade online. Speaking at a press conference held at the Company's New York headquarters, Philip J. Purcell, Chairman and CEO, and John J. Mack, President and C00, said: "ichoice is being launched in recognition of the evolving financial needs of our clients. Clients can now choose the type of financial services relationship that best meets their needs, and can conduct their financial business as they see fit -- with the personal guidance of a financial advisor, on a self-directed basis, online, or over the phone. This flexibility will be provided through a single source, leveraging the unique and diverse set of capabilities within Morgan Stanley Dean Witter's existing full service and online businesses." "The ichoice platform is based on our longstanding tradition of putting clients' interests first, and reflects our philosophy of 'measuring success, one investor at a time,'" Mr. Purcell and Mr. Mack said. Morgan Stanley Dean Witter clients who value the advice of a financial advisor and would also like the capability to trade online will have access to an enhanced Morgan Stanley Dean Witter Choice(SM) account. This account offers virtually unlimited transactions and a complete array of services for a single, asset-based fee, with the rate decreasing as asset size increases. With the Choice account, clients may choose to place trades through their financial advisor, or online using ClientServ(SM), Morgan Stanley Dean Witter's proprietary online service. Self-directed investors who wish to make investment decisions independently and to execute trades online or over the telephone, may continue to do so. Such investors will have the added convenience of access to Morgan Stanley Dean Witter's 450 locations across the United States, including investment and client education centers, to open accounts, deposit funds, process paperwork and obtain product information. Morgan Stanley Dean Witter Online offers a variety of services and products that emphasize flexibility for investors, including extended hours trading, wireless trading, real time municipal and treasury bond trading, and real time account updating. Fees for most equity trades executed through Morgan Stanley Dean Witter Online over the Internet or by touch tone phone will be $29.95 per trade. Investors who wish to continue the traditional full-service relationship which includes client-tailored, professional advice from a financial advisor and a traditional, transaction-based commission structure, may continue to do so. Morgan Stanley Dean Witter has over 12,000 highly trained financial advisors, supported by an award-winning research team. Morgan Stanley Dean Witter's leadership position in investment banking allows the firm to provide investors with access to high quality equity offerings, as well as domestic and international debt offerings. Additionally, top-ranked asset management capabilities allow the firm to offer investors access to the Morgan Stanley Dean Witter Family of Funds, Van Kampen Funds, and other highly regarded fund families, as well as a comprehensive range of investment products and services. James F. Higgins, President and COO of the Private Client Group, noted that, "The ichoice platform leverages our Company's diverse strengths, combining the powerful resources and skills of our Private Client Group with our Company's cutting edge technology and experience in online services. Morgan Stanley Dean Witter financial advisors will be able to help investors choose the type of account and pricing model that best meets their investment needs. Helping clients to navigate a broader array of choices in terms of products and pricing will become an additional aspect of 'client-tailored advice,' while the addition of Discover Brokerage's trading platform and technology will be a tremendous advantage in our ability to help clients achieve their financial goals." "The transition to Morgan Stanley Dean Witter Online allows us to provide our customers with better products, increased access and improved services under the powerful brand name of Morgan Stanley Dean Witter," said Thomas J. O'Connell, President of Morgan Stanley Dean Witter 0nline. "We're confident that self-directed investors will recognize the value of ichoice -- including the convenience of over 450 Morgan Stanley Dean Witter locations and will continue to use our pioneering technology to help them achieve their investment goals." In 1997, Morgan Stanley Dean Witter laid the strategic groundwork for this initiative with the acquisition of Lombard Brokerage, Inc., which was subsequently renamed Discover Brokerage Direct. Established in 1992, Lombard/Discover Brokerage was one of the first financial institutions to offer investing over the Internet and was the first securities firm to process an automated, online trade. Discover Brokerage is the only online firm to win a Barron's four star rating four years in a row and is currently ranked as the number one overall online broker by SmartMoney. In addition, the company earned a top five-star ranking in Kiplinger's 1999 survey of online brokerages. Mr. Higgins added: "On October 21st, Morgan Stanley Dean Witter will be the only securities firm that can offer investors a unique combination of financial advice and expertise, technology and experience in online investing, and content in terms of investment products and services. ichoice will be our competitive advantage in being the advisor of choice for the individual investor." Morgan Stanley Dean Witter & Co. is a global financial services firm and a market leader in securities, asset management, and credit services. The Company has offices in New York, London, Tokyo, Hong Kong and other principal financial centers around the world and has over 450 securities branch offices throughout the United States.